In response to risky transactions such as illegal cross-border financial activities involving virtual currencies, the State Administration of Foreign Exchange of China issued the "Management Measures for Bank Foreign Exchange Risk Transaction Reports (Trial)"

According to the website of the State Administration of Foreign Exchange of China, in order to better coordinate development and security, ensure the facilitation of cross-border trade and investment and financing, prevent and curb illegal and irregular foreign exchange activities, and maintain the order of the foreign exchange market, the State Administration of Foreign Exchange has formulated the "Management Measures for Bank Foreign Exchange Risk Transaction Reports (Trial)" (hereinafter referred to as the "Measures") in accordance with the "Management Measures for Bank Foreign Exchange Business (Trial)" (hereinafter referred to as the "Business Measures") and relevant laws and regulations. According to the "Measures", if a bank discovers or has reasonable reasons to suspect that its domestic and overseas institutions and individual customers (hereinafter referred to as trading entities) have foreign exchange risk transactions, it shall monitor foreign exchange risk transaction information and submit foreign exchange risk transaction reports. Foreign exchange risk transaction behavior refers to suspected false trade, false investment and financing, underground banks, cross-border gambling, fraudulent export tax rebates, illegal cross-border financial activities of virtual currencies, and other suspected illegal and irregular cross-border capital flows; foreign exchange risk transaction information refers to information related to foreign exchange risk transaction behavior. Banks shall submit foreign exchange risk transaction reports to the State Administration of Foreign Exchange in a timely manner through their headquarters or institutions designated by the headquarters.